Price War and Beauty Contest

By
Real Estate Agent with RE/MAX equity group

Let's face it Sellers, you are in a price war and a beauty contest. RMLS just published the latest market action report indicating 9.2 months of inventory. This means, if not one more home was listed on the market, at the rate buyers are buying, it would take 9.2 months to deplete all current listings. Traditionally, we consider a six month inventory a balanced market. We are, however, down from the month prior at 10.3 months so possibly the trend line will continue downward.

What does all of this mean to you? Well, if you're a buyer without a home to sell, you're in a great position! If you're a seller and are planning on buying a home, you'll lose a little on your sale, but will make up for it on your purchase. You may even be ahead if you're purchasing a home that's more expensive than your sale. It does mean that you'll need to be priced competitively. Buyers are understanding it's a great time to buy, so inventory is starting to move a bit, but buyers are still looking for those deals... And they're out there.

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Rainmaker
1,511,165
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate

Welcome to ActiveRain, Emily! That's a very visual and very accurate phrase for today's sellers. Nice to see the numbers are moving a little bit towards being in balance.

June 12, 2008 10:27 PM #1
Rainmaker
557,680
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Emily,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

June 12, 2008 10:56 PM #2
Rainer
31,686
Stefan Geyer
SOA Realty - Aurora, CO

That is the reality for sure.  Thanks for the post, and welcome to Active Rain!

June 13, 2008 12:13 AM #3
Rainer
103,015
Ted Mackel
Keller Williams Realty Simi Valley - Simi Valley, CA
Simi Valley Real Estate Agent

Welcome to ActiveRain. Congratulations on your first post. Get around and check out the community, you'll quickly figure out how to supercharge your blogging skills

June 13, 2008 10:04 AM #4
Rainmaker
257,188
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here.  It is a great education and lot s of fun.  Looks like you're off to a great start...keep it up!

June 13, 2008 11:48 AM #5
Rainmaker
101,235
Neal Barnes
Starstate Realty - Killeen, TX
Broker, REALTOR, ABR, CRS, GRI, SRES, SRS.

Hi Emily     Nice Post.  Welcome to Active Rain.  I look forward to networking with you and reading your future post.  Have A Great Day!!!    :-)

September 22, 2008 12:59 AM #6
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Rainer
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Emily Booth

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